Day: November 22, 2019

On 22^nd November, the EU Parliament Research Service published a briefing paper about the Export Control Reform Act (ECRA).  This US Act aims to restrict the export of emerging and foundational technologies that can potentially be used for civilian and military purposes (‘dual use technologies’) and that have not been subject to export control in the past.  The adoption of the Act coincides with growing concerns about China’s access to critical new technologies.  Coming into effect in 2020, it represents a modification of the existing US Export Administration Regulations (EAR).  Under the EAR, the Bureau of Industry and Security assigns an Export Control Classification Number (EACN) to each technology, which determines the specific restrictions that apply to it.

http://www.europarl.europa.eu/RegData/etudes/BRIE/2019/644187/EPRS_BRI(2019)644187_EN.pdf

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A news release from Guernsey on 22^nd November advised that the Policy & Resources Committee has published updated and detailed guidance on the application of the new tax law requirements to ensure that companies who undertake certain highly mobile economic activities have sufficient economic substance in the island – required to meet EU requirements.

https://gov.gg/economicsubstance

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

On 22^nd November, OFAC announced that it had added Mohammad Javad AZARI JAHROMI to its sanctions lists for his role in the Iranian regime’s widescale internet censorship.  Internet access in Iran is managed by Azari Jahromi’s ministry.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20191122.aspx

https://home.treasury.gov/news/press-releases/sm836

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

On 21^st November, Shearman & Sterling published an article saying that the Basel Committee on Banking Supervision has published a consultation paper on the Introduction of guidelines on interaction and cooperation between prudential and anti-money laundering/counter-terrorism financing supervision.  The Committee proposes to amend its guidelines on the sound management of risks related to money laundering and financing of terrorism to include guidance on the interaction between prudential and AML/CFT supervision in a bid to enhance the effectiveness of the supervision of banks’ AML/CFT regimes.  Responses to the consultation should be submitted by February 6^th.  It calls for establish effective co-operation mechanisms to ensure money laundering and terrorist financing risks are supervised in both domestic and cross-jurisdictional contexts.

https://finreg.shearman.com/Basel-Committee-on-Banking-Supervision-Publishes-Consultation

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y